Giancarlo has maintained an even stance on [[cryptocurrency]] and [[blockchain]] technology, especially regarding regulation. In February 2018, he said in a talk to the Senate Banking Committee in Washington, D.C. that [[digital assets]] and blockchain technology that [[virtual currency]] and other emerging financial technologies "are taking us into a new chapter of economic history." He also said that, although [[bitcoin]] and other digital assets are considered [http://www.marketswiki.com/wiki/Commodities commodities], the CFTC does not have jurisdiction on [http://www.marketswiki.com/wiki/Spot_Trading spot trading] for digital assets. He emphasized the need for regulators to have "perspective" and encouraged those at the CFTC, the [[SEC]] and other federal and state regulators and criminal authorities to work together to create "forward-thinking" regulations for digital asset trading and the implementation of blockchain technology.<ref>{{cite web|url = https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo37|name = Written Testimony of Chairman J. Christopher Giancarlo before the Senate Banking Committee, Washington, D.C.|org=U.S. Commodity Futures Trading Commission|date = November 8, 2018}}</ref>

Giancarlo has maintained an even stance on [[cryptocurrency]] and [[blockchain]] technology, especially regarding regulation. In February 2018, he said in a talk to the Senate Banking Committee in Washington, D.C. that [[digital assets]] and blockchain technology that [[virtual currency]] and other emerging financial technologies "are taking us into a new chapter of economic history." He also said that, although [[bitcoin]] and other digital assets are considered [http://www.marketswiki.com/wiki/Commodities commodities], the CFTC does not have jurisdiction on [http://www.marketswiki.com/wiki/Spot_Trading spot trading] for digital assets. He emphasized the need for regulators to have "perspective" and encouraged those at the CFTC, the [[SEC]] and other federal and state regulators and criminal authorities to work together to create "forward-thinking" regulations for digital asset trading and the implementation of blockchain technology.<ref>{{cite web|url = https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo37|name = Written Testimony of Chairman J. Christopher Giancarlo before the Senate Banking Committee, Washington, D.C.|org=U.S. Commodity Futures Trading Commission|date = November 8, 2018}}</ref>

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In October, Giancarlo said that regulating cryptocurrency [http://www.marketswiki.com/wiki/Derivatives derivatives] markets is best approached by taking a "two-handed approach." On one hand, he said, it is the duty of regulators like the CFTC to crack down on those using digital assets to commit fraud and other crimes. On the other hand, he said that these problems are in part due to a lack of a market infrastructure, which he said would develop naturally as institutional investors move into the space.<ref>{{cite web|url = https://www.coindesk.com/cftc-chair-giancarlo-says-institutional-investors-will-help-crypto-mature/|name = CFTC Chair Giancarlo Says Institutional Investors Will Help Crypto 'Mature'|org=Coindesk|date = November 8, 2018}}</ref>

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In October, Giancarlo said that regulating cryptocurrency [http://www.marketswiki.com/wiki/Derivatives derivatives] markets is best handled by taking a "two-handed approach." On one hand, he said that it is the duty of regulators like the CFTC to crack down on those using digital assets to commit fraud and other crimes. On the other hand, he said that these problems are in part due to a lack of a market infrastructure, which he said would develop naturally as institutional investors move into the space.<ref>{{cite web|url = https://www.coindesk.com/cftc-chair-giancarlo-says-institutional-investors-will-help-crypto-mature/|name = CFTC Chair Giancarlo Says Institutional Investors Will Help Crypto 'Mature'|org=Coindesk|date = November 8, 2018}}</ref>

In November, Giancarlo said in a talk at Georgetown University's [[Fintech]] Week Conference that [[distributed ledger]] technology like blockchain could potentially be used to improve the efficiency of regulatory processes. He said that using such technology could benefit market watchdogs like the CFTC.<ref>{{cite web|url = https://www.coindesk.com/cftc-chair-says-distributed-ledger-tech-can-aid-market-watchdogs/|name = CFTC Chair Says Distributed Ledger Tech Can Aid Market Watchdogs|org=Coindesk|date = November 8, 2018}}</ref>

In November, Giancarlo said in a talk at Georgetown University's [[Fintech]] Week Conference that [[distributed ledger]] technology like blockchain could potentially be used to improve the efficiency of regulatory processes. He said that using such technology could benefit market watchdogs like the CFTC.<ref>{{cite web|url = https://www.coindesk.com/cftc-chair-says-distributed-ledger-tech-can-aid-market-watchdogs/|name = CFTC Chair Says Distributed Ledger Tech Can Aid Market Watchdogs|org=Coindesk|date = November 8, 2018}}</ref>

Revision as of 13:36, 8 November 2018

J. Christopher Giancarlo is chairman of the U.S. Commodity Futures Trading Commission (CFTC). The U.S. Senate confirmed him in that role on August 3, 2017. He had been acting chairman at the commission since January 20, 2017.[1]

Contents

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Cryptocurrency and Blockchain

Giancarlo has maintained an even stance on cryptocurrency and blockchain technology, especially regarding regulation. In February 2018, he said in a talk to the Senate Banking Committee in Washington, D.C. that digital assets and blockchain technology that virtual currency and other emerging financial technologies "are taking us into a new chapter of economic history." He also said that, although bitcoin and other digital assets are considered commodities, the CFTC does not have jurisdiction on spot trading for digital assets. He emphasized the need for regulators to have "perspective" and encouraged those at the CFTC, the SEC and other federal and state regulators and criminal authorities to work together to create "forward-thinking" regulations for digital asset trading and the implementation of blockchain technology.[2]

In October, Giancarlo said that regulating cryptocurrency derivatives markets is best handled by taking a "two-handed approach." On one hand, he said that it is the duty of regulators like the CFTC to crack down on those using digital assets to commit fraud and other crimes. On the other hand, he said that these problems are in part due to a lack of a market infrastructure, which he said would develop naturally as institutional investors move into the space.[3]

In November, Giancarlo said in a talk at Georgetown University's Fintech Week Conference that distributed ledger technology like blockchain could potentially be used to improve the efficiency of regulatory processes. He said that using such technology could benefit market watchdogs like the CFTC.[4]

Crypto-agnostic

Giancarlo has long maintained a balanced, "do no harm" view on cryptocurrency and blockchain technology. Though he has repeatedly affirmed the presence of widespread criminal activity in the crypto space, including fraud and theft, he has also emphasized the need for regulators to allow room for innovators within the space to flourish.[5][6]

Giancarlo has explicitly said that he is "not a cryptocurrency evangelist." He has said that he does not want to be dismissive of the "new generation" of digital asset traders, despite his role as a regulator.[7] He has also said that, although he does not believe that bitcoin or altcoins will necessarily replace fiat currencies, but that they "may solve some of the problems" in parts of the world in which local currencies have low value relative to currencies like the U.S. dollar.[8]